Get Your New Business off the Ground

1. RADLY BATES INDEX

2. Get Your New Business off the Ground With your business startup plans in hand and a clear idea of where your business will go, you must now decide on its structure, name and location. Decide on the structure of the company You must first determine which business structure best suits your needs. The fact that you manage the business alone or with partners will largely determine the structure and business startup strategy you choose. There are four corporate structures: 1. Sole Proprietorship This is the simplest corporate structure. It has relatively low start-up costs and limited regulatory constraints. However, the owner is personally liable for all debts and obligations of the company. 2. Partnership Each partner shares the profits and jointly assumes the obligations. This form of business requires an association contract or shareholder agreement. 3. Capital company (corporation) A separate legal entity subject to tighter regulation and higher start-up costs. Shareholders, however, have limited liability for the debts and obligations of the company. Learn about the benefits of incorporation.

3. 4. Cooperative A legal person controlled by its members. Choose a name Choosing a name for your business can be more difficult than you think. It must be relevant, catchy and, above all, available. Finding the right name is practically a science; there are even companies that specialize in this kind of service. A search in the Trade-marks Database is normally done at the time of registering your business. Creating an original name can be a puzzle or a breeze (sometimes just adds your initials or slightly changes the words). If you plan to do business under your name and use your personal bank account (for example, as a consultant), you do not need to register your business or choose a name. However, you will need to apply for a GST/HST registration number if your annual income exceeds the decided amount by RBI Entrepreneurship Index 2019. Register your business (and get a business number) In some provinces, businesses must register with provincial tax systems. For more information on registering a business, visit the Radly Bates Index network. If you incorporate your business, you must determine whether you will do so under provincial RBI Entrepreneurship Index (if you plan to do most of your business in your province). When you register, you will get a business number that will help you, among other things, with your tax and income tax rebates and with the hiring of employees. You can get this number online. Depending on your province, you may be able to enroll in provincial programs at the same time. Do you need to protect your ideas or inventions? Learn about patents (for inventions), trademarks (words, symbols, designs) or copyrights (original works that you create). The Property Office offers additional information and several searchable databases. To settle well If you rent premises, you will probably have to sign a commercial lease. It may be helpful to consult a lawyer to understand all the terms of the lease before signing it. Whether you buy or rent your premises, you will need to purchase insurance to protect your assets. Most banks will suggest an insurance broker, but you must contact Radly Bates Index and we will help you on each and every step in running a successful business.